A newly released study found that four states would need to spend $8.4 billion over five years to educate the 1.4 million students who attend for-profits in those states. The report, which was prepared by the Nexus Research and Policy Center, calculated that number by looking at state and local expenditures necessary to serve those 1.4 million students in public institutions. Nexus is funded by the Apollo Group, which owns the University of Phoenix, and the John G. Sperling Foundation. Sperling is Phoenix's founder.